Network Marketing is a fickle business, where a few people are wildly successful, some others generate a modest income, but the majority of people fail dismally and never even make one sale.
Now why is it that the majority of people who try their hand at Network Marketing fail? I believe there are a number of reasons for this, and I would like to outline some of the main causes for the average persons failure.
1. Lack Of Team Support
I believe one of the biggest reasons people fail in Network Marketing is due to a lack of team support. Unfortunately, in many cases, once a person has signed up to a particular business, that is the last they hear from their sponsor, so they effectively have to do it on their own.
A lot of the time, the new Network Marketer is handed a manual, and a pile of product and sent on their way, with no real idea about what to do next.
However with good team support and leadership, the new Network Marketer has a far greater chance of succeeding because he has someone to encourage him, as well as people he can fall back on to help answer the questions that he or his prospects might have.
2. Lack of Belief in Product
To succeed in Network Marketing, I believe you must have a belief in the product that you are promoting. This is one of those obvious points, but it is one many people get wrong.
The first Network Marketing company I worked with, I fell in love with the concept & the opportunity, but I wasn’t all that excited about the product, which was vitamins.
Now for many people, vitamins are the perfect vehicle, but for me, it just didn’t push my buttons. So needless to say, I didn’t do too well.
You must believe in the product you are promoting, because it will come through when you talk to people about it. You will also be more motivated to learn all you can about your product line, which will of course help you when you come to promote it.
3. Lack of Belief in Business Model
Unless you truly believe in the Network Marketing model, you shouldn’t get involved.
Network Marketing is a vehicle that can help you achieve a significant residual income while you help other to do the same thing.
Many people have a negative opinion of Network Marketing, because they see it as pyramid selling, and believe the only people who make any money are the people at the top. The truth is, people at all levels of the business can make some serious money. The people who are most successful, are the people who believe in the system and help others to become successful also.
4. Know What You Are Selling
Did you know that Network Marketing is not about selling Vitamins, Cleaners or Vacuum Cleaners? What we are promoting is not the physical product, although that usually is what helps us to get initial interest from a prospect.
What we promote as a Network Marketer is the ‘Opportunity to make money’.
The whole concept of Network Marketing is to build a network of businesses. and it is to your benefit to help your clients and prospects succeed in their business.
At the end of the day, it is not the product that will make you money, it is promoting the Business.
5. Lack of Belief in Self
A lack of belief in yourself, is another reason many people fail in MLM. Their self-image tells them that they can not sell. They don’t truly believe that they have what it takes to be successful, or for that matter they don’t feel they have a right to succeed.
The truth is we all have a right to be successful, and whether a person wants to admit it or not, we are all in sales. Whether we are a school teacher, a computer engineer, or an accountant, we are all in sales. Everyday we are trying to sell our ideas, thoughts and opinions to others. You could say that the words sales and influence are interchangeable.
Your belief in yourself is paramount if you wish to be successful not only in Network Marketing, but success in life generally.
6. Lack of Commitment
It takes a certain amount of commitment to succeed in anything that you do, and Network Marketing is not different. You need to commit to doing something everyday to promote the business that you are in. This should include talking to people everyday, as well as prospecting to find new people to talk to.
It should also include supporting those that you have already signed up into the business. In addition you need spend some time getting to know you product better.
The successful marketers suggest that you should spend one to two hours a day on your business.
That said, you must commit to Network Marketing in the same way that you would commit to a conventional business. Lack of commitment will see your business die.
7. Trying to Sell to Wrong People
All too often, in our eagerness to get going in Network Marketing, we try to promote our products and business model to whoever comes our way. And in many cases, we keep hounding the wrong people.
You see either a person is ready for your product or business or they are not. You need to be able to identify the two.
Stop spending valuable time trying to convince those that have no interest and focus your time on finding the hungry market.
You will also find some people who are not ready ‘yet’. These are the people you want to keep in touch with and avoid hounding, less you turn them right off. Feed them with the occasional piece of information, and just be friends with them. They know what you are selling and promoting, and when they are ready they will let you know.
8. Fear of Family and Friends
One of the biggest things that holds us back in this business is the fear of those around us. We are afraid that our family and friends will shoot us down if we so much as mention our new venture.
You know your family and friends better than I do, and I have also experienced this fear and I think that was largely because I didn’t believe in my product. It was also because of my family’s limited mindset, which is also a factor.
I have also found that some of my friends who I was afraid to talk to, later on ring me about an opportunity that they have just enrolled in.
Don’t be afraid. Let them know what you are doing. If they react in a negative way, don’t bring it up again. Who knows, they might embrace the idea and become one of your biggest supporters.
9. Wrong Marketing Methods
Different people like to market their products and business in different ways. I for one like to use Internet Marketing as my primary method for promoting my business. I also talk to family and friends, and use a couple of other forms of advertising. But I find it is Internet Marketing that gives me the best results.
You however may have a different bent. Talking to friends over a coffee may be what does it for you, or going door to door could be what you find most effective.
The point is, find out what works for you, and focus on that. At the same time, try a couple of other marketing methods as you may find you are good at a couple of different things.
10. Once Bitten, Twice Shy
Probably the biggest reason people struggle with Network Marketing, is the fear of rejection. They are afraid of the proverbial ‘NO’!
And as much as it has been said before, every ‘No’ brings you one step closer to a yes. But unfortunately this idea does not help those that are afraid of rejection.
The truth is however, people are not rejecting you. They are simply saying no to your product or business opportunity.
The successful Network Marketers learn to make ‘No’ their vitamin. They learn from these lessons and many times even ask their prospect why they said no. This can be very valuable information. As it will help you when you face your next prospect, and it will also help you understand that you prospect isn’t rejecting you.
Now I am sure there are many more reasons that people do not succeed as Network Marketers, and while writing this list, I though of several more. However, this is a good place to start focusing on and begin to turn your own Network Marketing business around.